OAB investment Light Now AG and Schirp Schmidt-Morsbach Rechtsanwälte organise quorum in record time for the convening of the creditors' meetings for the Deutsche Lichtmiete bonds 2018/2023 (WKN: A2NB9P), 2019/2025 (WKN: A2TSCP) and 2021/2027 (WKN: A3H2UH).

- Creditors' meetings for all three Lichtmiete bonds 2018/2023 (WKN: A2NB9P), 2019/2025 (WKN: A2TSCP) and 2021/2027 (WKN: A3H2UH) to be convened shortly

- Voting out of One Square Advisory Services S.à.r.l. as Joint Representative requested

- Election of a new Joint Representative without conflict of interest on the agenda

Light Now AG, a 40 per cent shareholding of OAB Osnabrücker Anlagen- und Beteiligungs-Aktiengesellschaft (‘OAB AG’, WKN: A3E5D8), in cooperation with the Berlin law firm Schirp Schmidt-Morsbach Rechtsanwälte, has requested the bondholders of all three bonds of Deutsche Lichtmiete AG to convene creditors' meetings of the Lichtmiete bonds 2018/2023 (WKN: A2NB9P), 2019/2025 (WKN: A2TSCP) and 2021/2027 (WKN: A3H2UH). The quorum required to convene the meeting was reached for all three bonds in less than a week.

‘We initially turned to the smaller bondholders who do not feel represented at the moment,’ says Alexander Hahn, CEO of Light Now AG. ‘Hundreds of responses were received within 48 hours of our mailing. That surprised even us a little. However, it shows that the investors are not satisfied with the proceedings, the insolvency administration and the interim position of the current joint representative of the bonds, Frank Günther from One Square.’

Frank Günther's quadruple function as a member of the creditors' committee of Deutsche Lichtmiete, as managing director of One Square Advisory Services S.à.r.l., the joint representative of the bondholders, as managing director of the so-called “rescue company”, Novalumen GmbH, and as managing director of the consulting company One Square Advisors GmbH has been repeatedly criticised. Frank Günther himself ‘sees no conflict of interest’, as he explained to Finance Magazine.

Dr Wolfgang Schirp, specialist lawyer for banking and capital market law and namesake of the law firm Schirp Schmidt-Morsbach: ‘The quorum now achieved in record time for the convening of the creditors’ meetings of the bonds of Deutsche Lichtmiete AG means that we can inform and clarify the creditors in this group in detail. The election of a new joint representative of all bondholders without conflicts of interest should be at the top of the agenda. The bondholders should be very interested to know how the largest single asset of the former Deutsche Lichtmiete Group could disappear under the responsibility of insolvency administrator Weiß and how Weiß allowed a 10 million euro bank guarantee to lapse unused. Millions in assets were destroyed at the expense of the estate, not least due to the various conflicts of interest. The major creditors, who elected Frank Günther and One Square as joint representatives of the bondholders, can no longer stand idly by at the upcoming creditors' meeting. They will either have to re-elect Frank Günther or vote him out of office.’

Novalumen and insolvency administrator Rüdiger Weiß announced the ‘solvent liquidation’ of Novalumen on 28 May 2024. Light Now AG is ready to take over the business of the former Deutsche Lichtmiete with immediate effect. The once highly praised ‘Light as a Service’ business model would thus be continued and rebuilt. On 30 May 2024, Light Now AG had already publicly offered to take over the assets and staff of the ailing Novalumen GmbH from Hatten, Lower Saxony. Hahn and his lawyers were not convinced by the plans to liquidate Novalumen GmbH. Alexander Hahn: ‘In our opinion, the planned liquidation procedure is, to put it mildly, not well thought out. It looks to us as if the liquidation will usher in the next phase of taking advantage of investors. We will not participate in this. Should Novalumen actually be liquidated, we expect the liquidation proceeds to be close to zero. A continuation of business operations would be the best thing for all creditors. The takeover and continuation concept of Light Now AG should ensure the greatest possible satisfaction of all creditors. Unfortunately, even after almost five weeks since we submitted our purchase offer, there has been no response from insolvency administrator Weiß.’

Dr Wolfgang Schirp is also critical of the announced liquidation of Novalumen: ‘The bond prices of the former Deutsche Lichtmiete are currently below one per cent, which reflects the market's expectation of the liquidation proceeds. In any case, we assume that the liquidation announced by Novalumen will hardly be successful, at least not for the investors. A continuation of business operations would be best for all creditors. I appeal in particular to the three major creditors who are backing Frank Günther to do the right thing now. They also have to protect the interests of their own investors.’

For further information please contact: Dr. Wolfgang Schirp, Schirp Schmidt-Morsbach Rechtsanwälte mbB, Leipziger Platz 9, D – 10117 Berlin, Tel. 0049-30-3276170 or 0049-179-5320213, mail: schirp@schirp.com, URL: www.schirp.com